Mizuho Securities Starts Energen (EGN) at Buy
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Mizuho Securities initiates coverage on Energen (NYSE: EGN) with a Buy rating and a price target of $70.00.
Analyst Timothy Rezvan commented, "EGN shares have rallied with oily E&Ps since February, but we see idiosyncratic catalysts supporting our bullish thesis. Energen's pristine balance sheet and capital efficient growth opportunity from its uncompleted well inventory and new higher proppant completions suggest '17 growth may exceed informal guidance provided by a perpetually conservative management team. EGN shares have lagged Permian peers in '15 and YTD. A correction seems warranted, given the streamlined portfolio and improvements in well performance from "Gen 3" completions not currently baked into guidance or type curves."
Shares of Energen closed at $57.02 yesterday.
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